Terms Used In Delaware Code > Title 18 > Chapter 65 - Insurance for the Protection of the State

• Account: means either of the 2 accounts created under § 4406 of this title. See Delaware Code Title 18 Sec. 4405
• Administrator: means the Insurance Coverage Administrator, hereinafter established by § 6505 of this title. See Delaware Code Title 18 Sec. 6501
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the Delaware Life and Health Insurance Guaranty Association created under § 4406 of this title. See Delaware Code Title 18 Sec. 4405
• Association: means the Delaware Insurance Guaranty Association created under § 4206 of this title. See Delaware Code Title 18 Sec. 4205
• authorized: when used in the context of assessments, means a resolution by the board of directors has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount. See Delaware Code Title 18 Sec. 4405
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit plan: means a specific employee, union or association of natural persons benefit plan. See Delaware Code Title 18 Sec. 4405
• called: when used in the context of assessments, means that a notice has been issued by the Association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice. See Delaware Code Title 18 Sec. 4405
• Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2701
• Commissioner: means the Commissioner of Insurance of this State. See Delaware Code Title 18 Sec. 4405
• Committee: means the Insurance Coverage Determination Committee, hereinafter established by § 6502 of this title. See Delaware Code Title 18 Sec. 6501
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Contractual obligation: means an obligation under a policy or contract or certificate under a group policy or contract, or portion thereof, for which coverage is provided under § 4403 of this title. See Delaware Code Title 18 Sec. 4405
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• covered policy: means a policy or contract or portion of a policy or contract for which coverage is provided under § 4403 of this title. See Delaware Code Title 18 Sec. 4405
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Transportation unless otherwise specified. See Delaware Code Title 21 Sec. 7501
• Devise: To gift property by will.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Extracontractual claims: includes claims relating to bad faith in the payment of claims, punitive or exemplary damages, or attorneys' fees and costs. See Delaware Code Title 18 Sec. 4405
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the State Self-Insurance Fund as provided for by subchapter III of this chapter. See Delaware Code Title 18 Sec. 6501
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Impaired insurer: means a member insurer which, after the effective date of this chapter, is not an insolvent insurer, and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Delaware Code Title 18 Sec. 4405
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Insolvent insurer: means a member insurer which after the effective date of this chapter, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Delaware Code Title 18 Sec. 4405
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• License: means any license issued by the Department of Transportation for the operation of an automotive recycler. See Delaware Code Title 21 Sec. 7501
• Licensee: means a licensed casher of checks, drafts or money orders. See Delaware Code Title 5 Sec. 2701
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Member insurer: means an insurer, managed care organization, or health maintenance organization licensed or that holds a certificate of authority to transact in this State any kind of insurance, managed care organization, or health maintenance organization business for which coverage is provided under § 4403 of this title, and includes an insurer, managed care organization, or health maintenance organization whose license or certificate of authority in this State may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include:

  a. See Delaware Code Title 18 Sec. 4405

• Mobile unit: means any vehicle or other movable means from which the business of cashing checks, drafts or money orders is to be conducted. See Delaware Code Title 5 Sec. 2701
• Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, corporation, limited liability company, partnership, association, governmental body or entity or voluntary organization. See Delaware Code Title 18 Sec. 4405
• Person: means an individual, partnership or corporation. See Delaware Code Title 21 Sec. 7501
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan sponsor: means :

  a. See Delaware Code Title 18 Sec. 4405

• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Premiums: means amounts or considerations (by whatever name called) received on covered policies or contracts less returned premiums, considerations and deposits and less dividends and experience credits. See Delaware Code Title 18 Sec. 4405
• Receivership court: means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation or liquidation of the member insurer. See Delaware Code Title 18 Sec. 4405
• Resident: means a person to whom a contractual obligation is owed and who resides in this State on the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer. See Delaware Code Title 18 Sec. 4405
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory or protectorate. See Delaware Code Title 18 Sec. 4405
• Statute: A law passed by a legislature.
• Structured settlement annuity: means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant. See Delaware Code Title 18 Sec. 4405
• Trustee: A person or institution holding and administering property in trust.
• Unallocated annuity contract: means an annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate. See Delaware Code Title 18 Sec. 4405
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
• Vehicle: means any vehicle or motor vehicle as defined in Chapter 1 of this title or body or chassis of any vehicle to be dismantled, destroyed, scrapped or resold. See Delaware Code Title 21 Sec. 7501
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302